United Phosphorus succesfully places QIP offering

United Phosphorus Ltd has announced that the Company on October 16, 2007 successfully placed its QIP offering of 24,166,000 equity shares of Rs 2/- pursuant to the Issue at the Issue Price of Rs 350 per share for aggregate gross proceeds of Rs 8,458.1 million.

The allotment of the equity shares is expected to take place by October 18, 2007. Thereafter, upon obtaining the final approval of the stock exchanges, the shares will be listed on the NSE and BSE.

SSKI Finance Pvt Ltd, Deutsche Equities India Pvt Ltd and UBS Securities India Pvt Ltd were the Joint Global Coordinators to the transaction.

The stock closed the day at Rs.369.25, down by Rs.13.50 or 3.53%. The stock hit an intraday high of Rs.388 and low of Rs.361.05.

The total traded quantity was 112183 compared to 2 week average of 156564.

Source : Equity Bulls

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